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4 Best Whole Life Insurance Plans Singapore 2021 (Updated Aug 2021)

Here, we analyse and explore the best whole life insurance plans in Singapore 2021.

PS: We have updated the article in response to the recent changes on the par funds projection which affected all participating policies like whole life insurance industry wide on 1st July 2021

Whole life insurance plans are known for their high premiums and can be a bit more complex as compared to a term life insurance. Insurance agents love to peddle whole life insurance as coverage with savings that may be surrendered later in life to supplement your retirement needs.

However, by our standards, we believe you should only consider getting whole life insurance if you want a lifetime coverage but do not wish to commit the premium for life (Limited Payment Term) or to take advantage of the multiplier feature for early-stage critical illness coverage.

We select the 4 Best Whole Life Insurance Plans base on 3 basic criteria:

  • Has a multiplier coverage feature
  • Has a regular but limited payment term feature
  • Able to add early stage critical illness coverage as a rider with 100% pay-out upon diagnosis

Here are our top 4 picks base on the following features

  1. Best whole life with Pre-existing condition coverage  – HSBC Life Protect Advantage (II)
  2. Best whole life insurance with comprehensive CI Coverage – AXA Life Treasure (II)
  3. Best whole life insurance with Pre-malignant tumour coverage & monthly income payout – Aviva My WholeLife Plan IV 
  4. Best whole life insurance with longer extended multiplier benefit – China Taiping i-Secure  (II) 

This article is for general information only it is not an advise nor does it take into account the specific investment objectives, financial situation or needs of any particular person. Read our General Disclaimer

Best whole life insurance with pre-existing condition coverage
HSBC Life Protect advantage (II)

best whole life insurance singapore

The HSBC Life Protect Advantage II is a true gem of a whole life insurance plan. This is the only plan that provides coverage for Benign Tumor under its early stage critical illness rider without any exclusions or loading. The HSBC Life Protect Advantage II will cover the progressive conditions and pay 20% of CI multiplier benefit capped at S$50,000. This means if you select a sum assured of 125,000 with a multiplier of 2x, you will receive a 50,000 payout before 70 years of age should your early stage cancer be related to benign tumour which you are covered for.

The specific covered benign conditions are these, Benign Breast disorder, elevated prostate-specific antigen (PSA) level, and uterine fibroid. E.g. benign breast cyst/tumour will have breast cancer typically excluded by most insurer on their critical illness coverage.

In addition, the HSBC whole life insurance also provides coverage for disability in the event the life assured is unable to do 2 out of 6 activities of daily living. This is a more lenient definition than most of the insurers in the market.

Here is why we like HSBC Life Protect Advantage II
  • Flexible limited premium payment term of 10/15/20/25 years
  • Life Extender Multiplier ensures that you are well covered until the end of your policy term, by giving you the flexibility to keep your
    multiplier up to age 99.
  • Lenient Disability Coverage base on 2 out of 6 ADL  between 16 – 70 years old
  • Multiplier benefit feature of 2/3/4/5 times
  • Early Stage Critical Illness Rider Covers up to 119 Medical Conditions and 13 Special Conditions and 11 Juvenile
  • Guaranteed Family Waiver  of premium in event of death of your spouse or parents (for juvenile policy)
  • Accelerated Benign Tumor Benefit accepts customers with Benign Breast disorder, elevated prostate-specific antigen (PSA) level, and uterine fibroid without any exclusions or loading. HSBC Life will cover the progressive conditions and pay 20% of CI multiplier benefit capped at S$50,000
  • GIO Coverage to purchase a new life plan upon life events
What we don’t like
  • Minimum Sum Assured @ 50,000
  • Limited Multiplier till age 70 only (but with option to extend there will be the cost of insurance incurred on the difference between the death benefit with bonuses and the multiplied death benefit)
  • The only way to cash out is to take a policy loan or fully surrender the plan, no monthly income or partial surrender option at the later stage of the plan
Best whole life insurance with comprehensive ci coverage –
AXA Life Treasure II

 

AXA whole life insurance

The Insurer that truly revitalize their whole life insurance plan since the new par fund repricing on 1st July is AXA, The Life Treasure II provides a more competitive preposition and more multiplier till age option with choices till age 65/70 or 80. With this competitive new life plan, it gels in well with its maternity plan which is already one of the best in the market.

The new plan effectively gives AXA the title as the most comprehensive Critical illness whole life insurance plan in the market. Individuals will be covered for 41 Early Stage, 37 Intermediate Stage, and 56 Advanced Stage Critical Illnesses. The plan also provides additional payout for 14 Special Conditions for the entire policy term and additional payout for 14 Juvenile Conditions for life assured below attained age 18, this numbers adds up to a total of 162 conditions covered.

AXA Life Treasure II allows the insured to receive TPD payout in the event they are unable to do 2 out of 6 Activities of Daily Living. They are so far the only life insurer to have this feature where others requires a minimum of inability to do 3 out of 6 ADLs to claim for TPD.

A more interesting feature is the ability of the insured to claim additional 50% original sum assured of early stage Ci rider if the insured is diagnosed with 5 common critical illness.

Here is why we like AXA Life Treasure II
  • Multiplier Factor of 1, 2, 3, 4, 5x
  • Lenient 2 out of 6 ADL TPD Definition between Age 16 to 70
  • Provide Multiplier Option till Age 65, 70  & 80
  • Premium payment term choices of 10, 15, 20, 25 or 30 years
  • Most Comprehensive Critical Illness Coverage with 162 Conditions (41 Early Stage, 37 Intermediate Stage, and 56 Advanced also provides additional 14 juvenile and special condition For Life)
  • Additional 50% Claim With Early Ci Rider on 5 Common Critical Illnesses: Cancer, Heart Attack, Stroke, Coronary Artery Bypass & Kidney Failure
  • Early Care Rider allows a 100% lump sum claim of up to 350,000 (one of the highest in the market)
  • Additional 10x Sum Assured Accidental Death Benefit with Accidental Rider
  • Minimum Sum Assured of $25,000
  • Bundle with AXA Maternity Plan
  • GIO Coverage to purchase a new life plan upon life events
What we don’t like
  • The only way to cash out is to take a policy loan or fully surrender the plan, no monthly income or partial surrender option at the later stage of the plan
  • Only additional 10% of Early CI Sum Assured claimable on Special conditions, while others are 20%.
Best whole life insurance with Pre Maglinant Tumour Coverage & Monthly Income Payout –
Aviva My WholeLife Plan IV
Best Whole Life Aviva My Whole Life Plan II

Aviva MyWholeLife Plan IV allows the policyholder to choose a multiplier term till the age of 65, 70, 75. This makes it one of the the more flexible multiplier term benefit in the market.

The new Aviva MyWhole Life Plan IV will also allow the client to choose from a wider range of premium payment term, from single premium payment term to 5/10/15/20/25 or Till Age 65 years option.

Still, being able to provide a cash-out option in the form of a monthly income benefit any time after 65 years old gives Aviva an edge over its competitors.

Early Critical illness rider V continues to provide pre-malignant tumour coverage as well as 4 days ICU stay payout on 20% of the Early CI basic sum assured. On top of it, it also now provides lump sum payout coverage for up to 132 medical conditions

Here is why we like Aviva My WholeLife Plan IV
  • Premium payment term option of Single Premium/5/10/15/20/25 years
  • Option to receive monthly income at a reduced sum assured any time after age 65 up to age 99 with minimum monthly income of $50
  • Pays 20% Early CI Sum assured for Premalignant tumour & 4 days ICU Stay
  • Multiplier benefit of 2x/3x/4x/5x
  • Early-stage critical illness covers 132 medical conditions and 27 special conditions.
  • One year premium freeze should you lose your job, you’ll not incur any interest charges.
  • Total Permanent Disability coverage for a lifetime
What we don’t like
  • Restrictive minimum sum assured of 50,000
  • Multiplier till age 80 no longer applicable in the revised plan
Best whole life insurance with Longer Extended Multiplier Benefit  –
China Taiping I-Secure (II)

Best whole life insurance singapore

China Taiping has existed since 1929, ever since China Taiping entered the life insurance market in Singapore it has rolled out extremely competitive products. This re-release of its popular i secure, now version 2, brings back the multiplier feature till age 86

Two main features of this plan are, first; the plan offers Multiplier till 71 and 86 (with a default feature to extend the multiplier for a Lifetime deducting cost of insurance from it’s cash value), Second; the product provides an option to add on early critical illness rider that covers 161 Critical illness Conditions, making it one of the most comprehensive in the industry.

Here is why we like China Taiping i-Secure II
  • Choice of premium payment term option of 5/10/15/20/25 years
  • Multiplier Option till age 71 & 86 making it one of the highest in market with default extension to a LIFETIME (insurance charges calculated yearly based on the difference between the prevailing Basic GB and prevailing basic sum assured plus any accumulated reversionary bonus and non-guaranteed terminal bonus)
  • Early Care Rider allows a 100% lump sum claim of up to 350,000 (one of the highest in the market)
  • Total and Permanent Disability Covers for Whole Life
  • Comprehensive Critical Illness Coverage of 161 Condition (42 Early Stage, 40 intermediate, 55 Advance Stage, 12 Special & 12 Juvenile Conditions)
  • Multiplier benefit of 2/3/4x
What we don’t like
  • For Critical Illness, Angioplasty is covered under CI but only payout 10% of Sum assured with cap of $25,000 and will affect CI sum assured when claim. Other plans covers Angioplasty under special conditions and will not affect CI Sum Assured when claimed.
  • The only way to cash out is to take a policy loan or fully surrender the plan, no monthly income or partial surrender option at the later stage of the plan
  • Minimum sum assured is restricted to 75,000
  • To keep the multiplier benefit for a lifetime, there will be the cost of insurance incurred on the difference between the death benefit with bonuses and the multiplied death benefit before age 71 or 86

Once again, we have done the homework to filter out the best whole life insurance plans in the market you can look into if you’re ever considering taking up a whole life insurance plan for yourself,

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All comparisons done are solely based on your individual needs.

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